The upcoming ‘Barbie’ movie ‘will be a catalyst’ for future Mattel films, CEO says
Posted May 2, 2023 by: Admin
Mattel CEO Ynon Kreiz believes that the upcoming Barbie movie, featuring Margot Robbie as Barbie and Ryan Gosling as Ken, could be a “legacy-making event” for the company. Speaking on Yahoo Finance Live at the 2023 Milken Institute Global Conference, Kreiz stated that the film would be a showcase for the quality of movies that Mattel is looking to produce and the type of partnerships they are forming with Hollywood talent and major studios.
The Barbie movie marks the first time that Mattel has put out a movie based on one of their intellectual properties, with the company currently having 14 content projects in development. In addition to the Barbie movie, Mattel is also working on a Warner Bros. film based on the Matchbox toy car brand.
Mattel’s efforts to keep the Barbie brand culturally relevant have included releasing three new dolls representing top business leaders, the Wojcicki sisters, and signing a Barbie apparel deal with Gap, which will hit stores in May, just weeks before the movie’s release. According to Statista, the Barbie brand generated $1.5 billion in gross sales in 2022.
Despite these efforts, Mattel’s stock has been under pressure in the past year, with shares losing 27% as consumers pulled back on discretionary items amid record-high inflation and a slowing economy. Mattel’s first-quarter sales fell 22%, and the company is still working to clear excess inventory.
Kreiz is optimistic, however, that the second half of the year will be a different story for Mattel. While it’s too early to tell how the holiday season will shape up, Kreiz believes that Mattel has some meaningful drivers for the full year.
